- Avalanche price analysis is bullish today.
- AVAX/USD consolidates above $65.
- Closest resistance at $73.5.
The consolidation above $65 overnight reflects this, making it an ideal opportunity for an AVAX price advance as bearish momentum wanes. As a result, we anticipate that AVAX/USD will rise even more in the next 24 hours.
Avalanche price movement in the last 24 hours: Avalanche still holds above $65
AVX/USD has been trading within a range of $57.00 – $60.91 since Friday, suggesting little volatility in the previous 24 hours. The market capitalization is presently about $14 billion, putting it in 13th place globally. This is the same ranking it held yesterday and reflects a steady market performance.
The breakout from Friday’s consolidation pattern has failed thus far to produce a subsequent rise in AVAX/USD price. Instead, it has remained above $65 since the move out of that range on Saturday, suggesting that this is a level of interest for buyers today. As such, we believe that they will attempt to cut through at least one more level before sellers re-assert themselves in earnest. We have not yet seen sufficient momentum or volatility build back up to raise our bearish bet yet, so maintain our medium-term bullish constitutional with an anticipated target of $80 in today’s Avalanche news section.
AVAX/USD 4-hour chart: AVAX set to move higher next? Despite being tested repeatedly
On the 4-hour chart, we may observe the Avalanche price beginning to recover above $65, suggesting that there will be more appreciated.
AVAX/USD 4-hour chart. Source: TradingView
The cost of an Avalanche has been rising steadily recently. However, at the end of September, after AVAX/USD established a new high of $79.80, there was a mild downturn. This was followed by a brief period of consolidation between $63.5 and $75, which established a new high of $74.98 on October 7th. Since then, the cost has been moving between about $65-80 before stabilizing in today’s range.
We are opposed to a market shift for AVAX/USD in the next 24 hours because despite being tested repeatedly, support at $65 has yet to be broken. However, we do believe that if the cost persists, it will eventually break through this level.
AVAX was a failed play for me because of the $65 support level, and it spent several days moving sideways after that. Some encouraging signals are apparent, with a somewhat higher low made yesterday as the $65 support line prevented further declines.
Overall, the recent price movements in the Avalance market are likely to result in a further rise next week. The overall market structure remains hopeful as long as the $65 mark is preserved.
Avalanche Price Analysis: Conclusion
We anticipate that Avalanche will continue to grow in the coming hours according to the recent upward trend despite being tested repeatedly. However, this is not enough to raise our short-term expectations for AVAX/USD; because the price remains over $75 at the time of writing, we should not expect another rally if it fails to break through this level within 24 hours or so.
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